Quote:
Originally Posted by admiral  . The below chart shows that the next strong resistance for the Euro is between the 1.383 and 1.39 area which coincide with the 61.8 retracment of the( 1.47 high and 1.24.5 low), and the downtrend trend line  |
I posted the above directly after the fed last decision to buy long term bonds , and its QE policy , as mentioned above the resistance as shown on the chart was the area of 1.383-1.39 , the Euro wasnt able to break or pass that level , and eventualy it retraced back to the support level at 1.31 .
Next week is very crucial for the euro , if the 1.31 level is breached to the downside , and the euro wasnt able in 2 consecutive days to go up again above the 1.31 - 1.315 level , i am forseeing a sharp move down to the 1.28 level and maybe lower than that .
Only a move above 1.35 -1.358 will change the negative picture of the Euro to a positive one.
